The wealth of infrastructure projects which Ras Al-Khaimah needs to set in motion will provide great investment opportunities for the global business community, according to Sheikh Omar Bin Saqr Al Qasimi, Chairman of RAK Bank and Gulf Cement Company.
In an exclusive interview with Oxford Business Group (OBG), the highly acclaimed global publishing, research and consultancy firm, Sheikh Omar highlighted a number of areas which he said offered huge potential for investors.
Sheikh Omar, who is also the Chief of Private Affairs for Sheikh Saqr bin Mohammad al-Qassimi, Ruler of RAK, said: “We still need to develop more roads, sewage, water and power generation.”
He also stressed that RAK was keen to tackle the challenge it faced of generating power by adopting a combination of energy sources, such as heavy fuels, coal and gas, rather than focusing on any single source of energy.
The interview with Sheikh Omar forms part of the research currently underway for The Report: RAK 2010, OBG’s forthcoming report on the Emirate’s business activity.
The highly-anticipated report will serve to reinforce OBG’s place as the world market leader in providing accurate, insightful economic information on developing and emerging economies across the continents.
Rated as the premier source of information for foreign direct investment into RAK’s economy, it will be a vital guide to the many facets of the Emirate, including its macroeconomics, infrastructure, political landscape, banking and sectoral developments.
Sheikh Omar acknowledged that the financial crisis had taken its toll on RAK’s economy, which has enjoyed double-digit growth in recent years. “The entire world has been going through a financial crisis and the United Arab Emirates and RAK are part of the global economy,” he said.